Camco Fund to Mobilize $1.6 Billion for Africa Power (Correct)

A UK-government backed renewable energy fund plans to mobilize $1.6 billion to help provide 16 million people and businesses in Africa with electricity.

The REPP 2fund aims to raise $250 million directly in its first phase and will partner with other financiers to help build small-scale power plants, mini-grids and home solar systems across some of the continent’s poorest countries. Initial financing was a $50 million allocation from the Green Climate Fund and the same amount has been pledged by the UK government.

“We’re looking to raise funding from private sources as well,” said Benjamin Hugues of Camco ...